When money is borrowed to purchase an automobile, the amount borrowed A determines the monthly payment P. In particular, if a dealership offers a 5-year loan at 2.9% interest, then the amount borrowed for the car determines the payment according to the following table. Use the table to define the function P = f(A) in this Exercise.
Amount Borrowed ($) | Monthly Payment ($) |
10,000 | 179.25 |
15,000 | 268.87 |
20,000 | 358.49 |
25,000 | 448.11 |
30,000 | 537.73 |
Car Loans The equation of the line that fits the data points in the table is f(A) = 0.017924A + 0.01.
a. Use the equation to find f(28,000) and explain what it means.
b. Can the function f be used to find the monthly payment for any dollar amount A of a loan if the interest rate and length of loan are unchanged?
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